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Drought Cripples Hay Feed Industry

By

Bill Tomson

Aug. 19, 2012 8:11 p.m. ET

Widespread drought has scorched much of the pastureland and hay fields needed to sustain cattle herds in the U.S., forcing many ranchers to find feed alternatives or sell their animals early into what has become a soft beef market.

The shortage has led to higher hay prices, with some farmers saying they have to pay two to three times last year's...